Wednesday, December 4, 2013

A Tale of Two Cities

In 1975, New York City was bailed out by President Gerald Ford.  Ford committed $2,300,000,000.00 in loans to the troubled city, an amount that today would be worth around $10,600,000,000.00.

In 1978, President Carter signed the New York City Loan Guarantee Act adding an additional $1,650,000,000.00 of funding (approximately $5,940,000,000.00 in 2013 dollars) to help New York recover.

In 2013, the city of Detroit goes bankrupt and President Obama offers nothing.

Can we call him a failure now?